Latest / The Starting Block / Binance Hack Latest With Chainalysis

Transcript

Binance Hack Latest With Chainalysis · The Starting Block

0:09
Welcome back to The Starting Block.
0:10
Happy Tuesday to you wherever you're
0:12
joining us around the world today.
0:13
If this is your first time joining
0:14
us for the show, welcome.
0:16
My name is Gareth Jenkinson.
0:17
I'm the head of multimedia here at
0:19
The Block and the host
0:21
of The Starting block, which is our
0:22
daily show. We've been running for a
0:24
little over three months now dating
0:27
all the way back to that first
0:28
inaugural episode in person
0:30
live with CZ in Abu
0:32
Dhabi. It's been a fantastic journey
0:33
since and we're continuing that
0:35
journey today.
0:36
If you're joining us here this
0:38
Tuesday and you're wondering where
0:39
we've been for the last few days, I
0:41
took a couple of days off.
0:42
It was my birthday over the weekend.
0:43
It was also my producer Jordan's
0:45
birthday late last week as well.
0:47
So happy birthday to both of us.
0:49
We both deserved a little bit of a
0:51
break and enjoyed a weekend off.
0:53
But we are back and in
0:55
business and plenty to
0:57
talk about.
0:58
It's weird how whenever I seem to
1:00
take time off work, big things
1:01
happen in the industry.
1:02
Obviously the end of last week, the
1:04
biggest hack ever.
1:05
Binance and over $6 billion
1:07
stolen.
1:09
We're gonna be talking about that
1:10
today on the show, both in the block
1:12
briefing and in the hot seat.
1:14
We've got Eric Jardine, head of
1:15
research at Chainalysis,
1:17
joining us in a few minutes time to
1:19
unpack what happened last week
1:21
and what has happened since and
1:23
where we're at on Tuesday
1:24
this week in terms of the Binance
1:26
hack. But before we
1:28
do that, we're gonna start off the
1:30
show as we always do with the block
1:31
briefings, our top headlines and
1:33
stories you need to know.
1:34
In the last 24 hours
1:36
curated from the block's
1:38
news team.
1:39
Let's jump into our first story of
1:40
the day. The fallout from the record
1:42
$6 billion Biden's hack has
1:44
taken a geopolitical turn and
1:46
North Korea is pushing back.
1:48
According to Yonhap, King Jong-un's
1:51
sister and a senior official has
1:52
flatly rejected the FBI's assessment
1:55
that Pyongyang was behind the
1:56
attack, accusing Washington of
1:58
trying to brand the North as a
2:00
quote, cyber criminal state.
2:02
But the evidence is, of course,
2:03
stacking up. The FBI, TRM
2:06
Labs, and two other firms all tie
2:07
the breach to North Korean actors in
2:10
an operation the bureau is calling
2:11
Trader Traitor.
2:14
Investigators say the attack even
2:16
tested malicious code on three
2:18
wallets before striking.
2:21
Meanwhile, Binance is racing to
2:23
rebuild trust after the hack.
2:24
The exchange says it's completed a
2:26
fresh zero-knowledge proof of
2:28
reserves, letting users verify their
2:30
balances.
2:31
Are back to one-to-one across
2:33
10 assets from Bitcoin and
2:35
Ether to USDT and
2:37
XRP.
2:38
Co-CEO Richard Tang says Binance has
2:40
already replenished 95%
2:42
of the affected funds with its own
2:44
money with the rest in less liquid
2:46
tokens still being sourced from
2:48
the market.
2:49
Another snapshot is due Wednesday
2:51
and withdrawals for more network
2:53
should start coming back online
2:54
later today.
2:56
Net outflows have cooled to $3.3
2:59
billion, down more than half.
3:01
From their peak.
3:03
Then some rare good news on the
3:05
security front.
3:05
The Liquid Federation says Bitcoin
3:07
backing for LBTC is fully
3:09
restored, one-to-one again,
3:11
nearly two months after $320
3:14
million exploit drained
3:16
around 4,000 BTC.
3:18
The attacker returned most of that
3:19
the next day, but held back 600
3:21
Bitcoin and demanded a 10%
3:24
bounty.
3:24
Blockstream, led by Adam Back,
3:27
refused. Over the past week,
3:28
board members, Samson Moe
3:30
tracked a series of deposits, 50,
3:32
then 300, then 250
3:35
BTC, all sourced from
3:37
Blockstream, closing the gap,
3:39
and Liquid says no keys were
3:40
compromised. If you missed that, we
3:42
did actually sit down with Samson
3:43
Moh a couple of weeks ago while
3:45
we were in Lugano for Plan B
3:47
Conference and the Future of Capital
3:49
Markets Summit with Bitfinex
3:50
Securities.
3:51
You can find that interview on
3:53
the Block's YouTube channel or you
3:54
can go and check out.
3:55
My ex account at Gaza
3:57
underscore Jenks click on the video
3:58
tab there and you can find that full
4:00
interview with Samson from
4:02
a couple of weeks ago.
4:04
Meanwhile the hacks keep coming
4:05
Mercado Bitcoin Brazil's largest
4:07
crypto exchange confirmed a
4:09
security breach with around 46
4:11
million dollars according to
4:13
Arkham. The exchange says it caught
4:14
and contained the incident early
4:16
Monday temporarily freezing deposits
4:18
and withdrawals and insists no
4:20
customer funds or data were
4:22
compromised Tether moved fast here
4:24
with CEO Paolo Arduino confirming
4:26
it froze more than four and a half
4:28
million USDT tied to the
4:30
attack, and Arkham's analysts say
4:31
the attacker was sweeping all the
4:33
deposit addresses and dumping
4:35
meme coins and altcoins.
4:37
It is, of course, the latest in a
4:38
brutal stretch for exchange
4:40
security.
4:42
Then Nia is tightening the taps on
4:44
its token supply.
4:45
The project's house of stake has
4:46
approved proposal HSP
4:48
029 with what it
4:50
calls overwhelming support.
4:52
Cutting the maximum annual issuance
4:54
rate from two and a half percent
4:56
down to 1.6 over the
4:58
next two years.
4:59
That's roughly 12 million near
5:00
in new tokens avoided over
5:02
two years and more than 66
5:05
million over six.
5:06
The trade-off here, staking yields
5:08
drop from about 5.3%
5:10
to 3.4%.
5:12
It's not final yet either.
5:13
The plan still needs a security
5:15
council sign-off, ratification
5:17
and a 90-day grace period before
5:19
validators upgrade.
5:21
And our last story.
5:24
Infrastructure consensus has
5:26
launched what it's calling sovereign
5:27
network interoperability,
5:29
a stack that lets banks settle
5:31
transactions across different
5:32
blockchains without ever moving
5:34
assets off their ledges.
5:35
And veiled at DevCon in Mumbai,
5:37
it's aimed at collateral mobility,
5:39
securities, a settlement and cross
5:41
currency payments built on zero
5:43
knowledge research.
5:45
President David Cunningham says,
5:47
they're bringing quite deep protocol
5:48
expertise, transaction coordination.
5:51
And complete support into one
5:53
product.
5:54
EVM networks are live now with
5:56
Canton connectivity on the way.
5:57
It follows October's clear token
5:59
partnership and that September
6:01
move to spin off
6:03
Metamask.
6:04
And that is it for the block
6:06
briefing this afternoon.
6:08
We're gonna be moving into the hot
6:09
seat very briefly today.
6:12
And it's a great pleasure to welcome
6:14
to the show Eric Jardine, head of
6:15
research at Chainalysis to talk to
6:17
us. About the Binance hack.
6:19
It's been a few days now, and the
6:21
dust is settling a little bit,
6:22
although we are still gathering a
6:24
lot of information and
6:26
a lot work behind the scenes,
6:28
especially from Binance's side to
6:30
make sure that they can
6:32
redeem deposits and withdrawals.
6:34
But we're gonna be going back to the
6:36
start with Eric this afternoon.
6:37
First things first, Eric, welcome to
6:39
the show.
6:40
Thanks for having me.
6:41
Eric, let's talk
6:43
about last week.
6:44
Orfe, I was kind of just quizzing
6:46
you on when Chain Analysis
6:48
was able to see
6:50
that something was
6:52
off and that
6:54
a big amount of funds were moving
6:55
and perhaps we were seeing a hack
6:57
play out in real time.
6:58
Can you talk to us a little bit
7:00
about Chain Analysis tracking
7:02
of the Binance hack from the start
7:04
and what that looked like from your
7:05
side?
7:06
Sure. Well, I suppose most
7:08
people are probably aware of all the
7:10
initial details, but I'll lay them
7:12
out just so that anyone who isn't
7:13
aware can get up to speed.
7:15
So essentially around four o'clock
7:17
in the afternoon on October 29th,
7:19
there began to be a
7:21
significant withdrawals from finance
7:24
hot wallets.
7:25
These totaled when
7:27
all of a sudden done around $6.4
7:29
billion worth of
7:32
capital exodus.
7:33
And that began to move on chain
7:35
immediately following the
7:38
initial exfiltration.
7:41
And so from there, you get a pretty
7:42
clear path as
7:44
crypto is pretty traceable.
7:46
You're able to see the movement of
7:47
funds and start to construct a story
7:49
about how the funds are
7:51
being attempted to being laundered
7:54
over time.
7:57
Sorry, I was on mute there.
7:59
Obviously Chainalysis has released
8:02
a blog report kind of
8:04
laying out the details that
8:06
your team knows already.
8:08
It was pretty quick to see that
8:10
there was a link to North
8:12
Korean hackers, obviously in the
8:13
block briefing right now.
8:16
North Korean officials
8:18
are saying that it wasn't them, but
8:20
that's clearly not the case with
8:22
more than a handful of different
8:25
institutions that are tracking.
8:27
On-chain funds are putting this down
8:28
to Trader Traitor,
8:30
the North Korean cybercrime group.
8:32
Can you talk to us a little bit
8:33
about the on-chain evidence
8:35
that suggests that they are
8:37
indeed behind this hack?
8:39
So the on-chain evidence sort of
8:42
orbits around a co-mingling of
8:44
funds on-chains.
8:45
And so we had previously attributed
8:47
DPRK hacks
8:49
that were linked to TraderTrader.
8:52
And those funds from that hack
8:54
were basically sitting in a wallet
8:55
that then received funds from
8:57
the Binance hack.
8:58
So that was the sort of telltale
9:00
indicator on-Chain.
9:02
Obviously, as you mentioned,
9:04
since then, the FBI has confirmed
9:06
that it was indeed Trader Trader who
9:07
was behind the incident,
9:09
DPRK objections notwithstanding.
9:13
Can you talk to us a little bit
9:14
about what's most interesting
9:16
about this hack?
9:17
And I think there's a lot of people
9:19
online pointing towards
9:22
these data visualizations
9:24
that ChainAnalysis have put out and
9:26
kind of talking about agentic
9:28
money laundering now.
9:31
Thousands and thousands of dresses
9:32
being used to move
9:34
these stolen funds around.
9:36
Is this one a lot more difficult to
9:37
track than perhaps hacks in the
9:39
past?
9:41
We are absolutely seeing signs of
9:43
large-scale automation.
9:44
I think it's useful to sort of
9:47
keep in mind a distinction between
9:49
sort of agentic AI versus
9:51
automation and programmatic
9:53
laundering of funds because those
9:55
two things may overlap, but
9:56
can also be distinct.
9:57
So we certainly saw.
9:59
A high volume of addresses being
10:00
used. We saw recursive loops where
10:03
funds were essentially moving on,
10:04
chained down a series of hops and
10:05
then looping back to the starting
10:06
point. All of that is
10:09
what you would expect to see if
10:10
someone was trying to, in money
10:12
laundering terms, layer funds, sort
10:14
of obfuscate the origin point of the
10:16
funds. And if you imagine trying to
10:18
analyze those
10:19
transactions by hand
10:21
or via a block explorer.
10:23
It would be prohibited because you'd
10:25
essentially be running 10 hops down
10:27
loop back to the very start on 10
10:29
hops download back to the start
10:31
you can counter that with with
10:33
automation on the positive
10:35
side of the ledger That's
10:37
certainly one of the interesting
10:38
things to to your question I think
10:39
the notion that there
10:41
is large-scale automation at play
10:43
is quite interesting
10:46
We're also seeing certain elements
10:48
that look a lot like what we've seen
10:50
in the past. So we've published
10:52
research before on how the DPRK
10:54
tends to sort of structure their
10:56
money laundering process.
10:57
And there is an early window of
10:59
layering that tends to intersect
11:01
with DeFi services
11:03
and mixers and things like that.
11:05
Efforts essentially to, again,
11:07
layer funds obfuscate the origin
11:08
point.
11:09
And how well are they doing
11:11
at this job this time around?
11:13
Have they managed to cash out a lot
11:14
of this money and does
11:17
it seem like the way in which their
11:19
laundering funds is evolving
11:20
in terms of prior hacks that
11:22
have been monitored by Chain
11:23
Analysts?
11:25
I think there's certainly an
11:26
evolution, the extensive use
11:28
of automation that we talked about
11:30
is like a clear sign that they're
11:32
evolving how they're approaching
11:34
the money laundering side of
11:36
things.
11:37
I think on the effectiveness
11:38
question though, the most relevant
11:40
statistic is the 3 billion
11:42
or so in funds that
11:44
have actually already been frozen
11:45
and are set for restitution
11:47
back to Binance.
11:49
What that basically suggests is
11:51
an ecosystem that sort of came
11:52
together after the initial event.
11:55
That includes exchange partners,
11:57
companies like Chainalysis and other
11:59
blockchain analytic firms and
12:01
law enforcement, and basically as
12:03
well as the stablecoin token
12:05
issuers, who basically came
12:07
together, figured out who was moving
12:08
funds where, began to freeze
12:10
funds.
12:12
And that's around 40 to
12:14
50% of the total
12:16
amount that was stolen has already
12:17
been frozen.
12:18
And the remaining portion, while
12:20
some of it sits on chain, some of
12:21
that is in circulation.
12:23
Until it's effectively moved
12:25
off chain into a fiat currency
12:27
or something equivalent,
12:30
it will remain possible
12:32
to potentially increase that
12:34
freeze amount even further.
12:36
But the other half of that money has
12:38
been moved around extensively,
12:39
right? And I understand there's a
12:41
heavy link to DeFi protocols and
12:44
taking some of those tokens, putting
12:46
them into pools and then borrowing
12:47
money against them.
12:49
The sophistication of the attacks
12:51
here suggest these guys are
12:53
really clued up and they know what
12:55
they're doing.
12:57
It does.
12:58
They're, they are certainly a
13:00
sophisticated threat actor.
13:01
We knew that before the event and
13:04
nothing in the, in the current
13:06
context sort of changes that
13:07
assessment.
13:09
They are attempting,
13:11
it seems, to sort of pivot away
13:13
from assets
13:15
that would be easy to
13:17
freeze towards assets that are more
13:19
censorship resistant.
13:20
That again is sort of the sort of
13:22
thing you'd expect to see from a
13:24
knowledgeable state backed threat
13:26
actor And they
13:28
are, yes, they are using DeFi
13:30
protocols and other things to try to
13:31
sort of get,
13:33
shall we say, creative with how
13:35
they're trying to launder funds,
13:37
exfiltrate liquidity, and all that
13:38
sort of stuff. Yeah.
13:39
Eric, I'm not sure if you're well
13:41
placed to answer this question, but
13:42
in terms of trying to figure out
13:44
where these hackers are
13:46
based and where they're kind of
13:47
carrying out these attackers from,
13:48
would you imagine they are actually
13:49
just based in North Korea?
13:51
Or is this a big unknown that people
13:53
are yet to figure?
13:56
I don't think it would be good
13:58
for me to speculate on that
14:00
exact question, I mean the
14:02
physical location of the people
14:03
involved is not something I could
14:05
really comment on with
14:07
any kind of authority.
14:08
Yeah, no, that's fine.
14:09
We'll, we'll leave it to law
14:11
enforcement.
14:12
Um, I, I did want to chat to you
14:14
a little bit about obviously the,
14:15
the breadth and scope of this hack
14:17
$6.3 billion, uh,
14:19
it eclipses anything that we've
14:21
seen before. Um, it's safe to say
14:23
that 2026 is now the
14:25
worst year ever for, um,
14:27
you know, hacks targeting the
14:29
cryptocurrency industry.
14:30
And I've been writing, uh
14:31
you know, covering the industry
14:32
since 2017.
14:33
I've written about many of the,
14:35
you know chain analysis.
14:36
Reports that have come out over the
14:38
years and yeah, I don't think
14:39
anything is worse than this.
14:42
That's right.
14:46
The hacking activity has always been
14:47
sort of outlier driven, and this is
14:49
sort of an extreme version of that,
14:52
where obviously with 6.4
14:54
billion being exfiltrated, that's
14:56
four times larger than the next
14:57
largest event, which itself
15:00
was three times larger than the
15:02
third largest event.
15:03
So we are talking about some extreme
15:06
multiples at the high end of the
15:07
scale here.
15:10
And DPRK in this particular
15:12
calendar year is behind over 80%
15:14
of the stolen value, and
15:17
that's up from the previous year
15:19
where they were behind over 70%
15:21
of stolen value. So there's
15:25
more threat actors in the world than
15:26
just the DPRk, but in terms of
15:28
exfiltrating large amounts of stolen
15:30
values, they are
15:32
by far and away the most
15:34
significant.
15:36
Eric, have you been spending a
15:38
lot of your own personal time the
15:39
last few days actively
15:41
researching and looking into the
15:43
different parts of this attacking?
15:44
And can you tell us perhaps what
15:47
has interested you most about this
15:49
incident?
15:52
So I do find the the laundering
15:54
dimensions to be some of the more
15:55
interesting parts,
15:57
simply because it gets
15:59
directly into the question of how do
16:01
you move value on chain?
16:02
How do you bridge between networks
16:03
and assets?
16:05
And so I've been observing
16:07
that, watching
16:10
funds move around.
16:11
Also, since I've behind
16:13
some of the research we've done at
16:15
Chainalysis on previous events
16:17
involving the DPRK moving funds, I'm
16:19
also quite interested in
16:21
how this attack.
16:23
Parallels those sorts of movements,
16:25
like I mentioned earlier with the
16:27
initial layering phase, kind of
16:29
matching what we've seen with DPRK
16:31
events in the past, but then also
16:33
the novelty features, the things
16:35
like excessive recursion
16:36
and moving funds and loops
16:39
and spreading across thousands
16:41
of wallets. Those are sort of
16:42
distinctive patterns
16:44
that suggest automation, as
16:46
we mentioned before, but also
16:47
require kind of automation
16:49
in order to counter
16:51
it as well.
16:52
Has that actually worked out?
16:53
I mean, it seems like you guys have
16:55
been able to put together an entire
16:57
spiderweb kind of tracking the flow
16:59
of funds and you can account for
17:01
every dollar stolen.
17:02
So at the moment, it doesn't look
17:04
like the methods of obfuscation
17:06
are really working anymore.
17:10
I mean, that's what
17:12
we hope for.
17:13
We want to be able to see, I mean
17:15
the transparency of blockchain
17:16
allows for that
17:19
close observation, it allows
17:21
for observing the movement of
17:23
funds from Wallet A to Wallet B and
17:24
Wallet C.
17:25
And when you overlay attributions
17:28
on top of that, you can get a pretty
17:29
clear sense of who
17:31
is doing what in terms of moving
17:33
funds.
17:34
Ultimate goal is, as you were kind
17:36
of implying, the ability to see
17:38
all of the funds as they move,
17:40
facilitate freezes, allow exchange
17:42
partners to know that incoming
17:43
funds, for example, are
17:46
linked back to the hack, which would
17:48
allow them to take custody
17:49
of the funds and then provide
17:51
restitution through appropriate
17:53
channels.
17:54
So that's kind of the ideal.
17:56
You know, the EPRK, as we've
17:58
sort of mentioned a few times, is a
18:00
very sophisticated Threat
18:02
actor they're going to try their
18:04
best and the whole ecosystem is
18:06
essentially watching and trying to
18:07
counter it.
18:08
Yeah, and the block team
18:10
spent a lot of time in South Korea
18:12
last year at KBW and
18:13
we produced a Documentary
18:16
called around the block that you
18:17
know explored The
18:19
South Korean crypto story and
18:20
obviously just across the border
18:21
there Is North Korea
18:23
and and my my producers
18:25
is asking me to ask you this Why
18:27
are the North Korean hackers so
18:29
good at this? I mean you would a
18:31
lot people would assume that they've
18:33
annexed themselves from the world
18:34
and they might
18:36
technologically inferior because of
18:38
that, and it seems the opposite.
18:41
I know it's a speculative question,
18:42
but is there any reason why
18:44
these hackers are plaguing our
18:46
industry so badly?
18:50
It's speculative, as you said,
18:52
so we should understand my
18:54
answer in those terms.
18:58
The United Nations and others have
18:59
linked the hacking
19:01
proceeds directly to state
19:03
financing.
19:04
And so if we think about it in those
19:06
term, there's sort of a motivation
19:08
to steal money
19:11
that you can move across border with
19:13
very little friction.
19:14
That is sort of the definition of
19:15
crypto.
19:16
With plus or minus depending on
19:18
which assets you're talking about
19:19
all that sort of stuff. So I think
19:21
the
19:24
My best guess again in the
19:25
realm of speculation would
19:26
essentially be there's a
19:29
perceived way to
19:31
help fund the state and
19:33
in order to do that all that
19:35
is really required is you need to
19:36
train people in order be
19:38
adept at this kind of activity
19:40
and that's not as
19:42
hard as it might sound,
19:44
it's not that challenging.
19:46
You just have to train people and
19:47
have them focus on that 100% their
19:49
time.
19:50
Yeah.
19:51
And so I think that that's,
19:53
you know, When you
19:55
hear hooves, think horse or zebra,
19:57
depending on your geographical
19:58
location.
19:59
And that's probably the most
20:01
straightforward answer.
20:02
It's essentially they found a
20:04
way to fund the state by
20:06
stealing cryptocurrencies.
20:07
And I think they've leaned into it
20:09
over the years and we've gotten
20:10
better. And the record of sort of
20:12
the total amount or the total
20:14
share of the ecosystem value that
20:16
has been stolen every year continues
20:17
to sort of trend upwards, say from
20:19
2021 forward.
20:21
It's the sort of thing you'd expect
20:22
to see if if the regime is
20:24
essentially saying this works, we
20:26
should lean into it and
20:28
train harder,
20:30
dedicate more resources to it, etc.
20:32
Yeah, yeah look I mean from from
20:34
my own perspective I've had a lot of
20:35
people ask me I'd like what you know
20:36
Why are we seeing so many more like
20:38
crypto crypto hacks than you know
20:40
traditional finance hacks And it's
20:41
exactly the point that you just
20:42
made.
20:43
You know permissionless
20:45
Networks mean that if you can
20:47
gain access to them or take the
20:49
funds from other people No one can
20:51
stop you from moving those funds
20:52
around I mean obviously with stable
20:53
coin stable coins on different
20:55
protocols you can do that But if it
20:57
if it's moving to you know base
20:59
money like you know a Bitcoin and a
21:00
few other tokens there's nothing
21:02
anyone can do once the funds start
21:04
moving.
21:05
So yeah, it's
21:07
a point well made.
21:10
Obviously the story is far from over
21:11
here and it's crazy to think that
21:13
we are moving so quickly from one
21:14
hack to another.
21:16
Less than a month ago, we were
21:17
talking about the
21:19
BitGit hack which was pretty
21:21
bad and now this
21:24
Binance hack, $6.3 billion.
21:26
Obviously Chainalysis has been
21:28
keeping tabs. You guys are
21:29
constantly looking at the story.
21:30
Where do you think things go from
21:32
here and is the story far from
21:34
over?
21:35
I know that lots of different law
21:36
enforcement agencies are now
21:38
involved.
21:39
The US quite keenly
21:41
to see the FBI
21:43
and other institutions come out and
21:45
make very clear, bold statements
21:47
about who's behind it and what's
21:49
happening is clear to see
21:51
that everyone's paying attention and
21:52
there's many, many people involved.
21:54
Where do we go from?
21:57
I think that the
21:59
sort of obvious next
22:01
step is the ecosystem will continue
22:03
to monitor and watch.
22:06
That will lead to, I hope,
22:08
additional recovered funds,
22:10
which will help
22:13
sort of restore some
22:15
trust into the ecosystem.
22:17
I think it's likely that
22:20
the DPRK will continue
22:22
to do what they have done over the
22:24
past.
22:25
Several years which is look
22:27
for the next target
22:29
if they haven't already
22:31
begun to do that process
22:33
and so I think there's a certain
22:35
degree to which despite
22:37
the enormity of this event and the
22:39
severity and the amount of value
22:41
stolen I think sort of the wheels
22:42
will continue to roll because
22:45
like the next block will happen
22:47
and cryptocurrencies will
22:49
carry forward the ecosystem will
22:51
continue monitoring that will lead
22:52
to more recovery and the DPRK
22:54
will probably try to hack something
22:56
else.
22:57
Eric, thanks so much for taking the
22:59
time to chat to us this afternoon
23:01
or this morning, wherever you're
23:02
joining us from.
23:03
If you're looking for more
23:04
information
23:06
about the Binance hack, or you
23:08
wanna read Chainalysis'
23:11
latest research report on that,
23:12
you can find that on their blog.
23:14
It's Chainalysys.com forward
23:16
slash blog. You'll find that right
23:17
at the top there.
23:18
Or if you wanna follow them on
23:19
social media at Chainalyssys on X
23:21
is where you'll find them and you
23:22
can follow some of
23:24
the updates that they've been
23:26
putting down on this.
23:27
Eric, once again, thanks so much for
23:28
your time and your insights.
23:30
My pleasure, thanks for having me.
23:32
Thanks so much, Eric.
23:33
Eric's gonna drop off the screen
23:35
now. Feel free to
23:36
love and leave us.
23:37
If you're just joining us this
23:39
afternoon, welcome to the starting
23:41
block.
23:42
We have just caught up on the latest
23:44
on the $6.3 billion
23:46
Binance hack that took place.
23:48
Late last week, we just chatted to
23:49
Eric Jardine, head of research at
23:51
Chainalysis to unpack what they
23:53
know so far and what will
23:55
be happening next.
23:56
If you've missed any of the content
23:58
that we've been carrying over the
23:59
last few weeks, you can find that.
24:01
On the Blocks YouTube channel, or
24:03
you can check out our X account.
24:05
If you don't already, please
24:06
subscribe to our YouTube channel
24:08
and follow our
24:10
X accounts.
24:11
And if you enjoyed this
24:12
conversation, please like and
24:13
retweet the broadcast if you're
24:15
joining us on X.
24:16
And yeah, same thing on YouTube if
24:18
you enjoy the conversation, please
24:19
share it on your favorite social
24:21
media platform.
24:23
We'll be back on Thursday
24:25
actually, because tomorrow I will be
24:26
at Bitcoin.
24:28
Amsterdam, the Bitcoin for
24:30
Corporation Symposium on
24:32
stage late tomorrow afternoon.
24:33
So keep an eye out on the socials.
24:35
We'll be dropping a few updates from
24:37
that, but we'll be back on Thursday
24:39
for our next show.
24:40
Until then, take care of yourself.
24:42
We'll see you in a couple of days
24:44
time.